Bankruptcy and Bad Credit Mortgages

Have you filed for bankruptcy? Are you looking to purchase your own home but are fearful of being rejected by lenders? Are your past financial mistakes coming back to haunt your present? Fear not, because there are many options available to you. Firstly, remember that time heals everything in terms of credit history. As long as you commit to establishing good credit after your bankruptcy (or any other credit mishap), there are many options available to you. The most important thing to consider is demonstrating the fact that today you are a responsible consumer. By establishing a clean, consistent record, regardless of their past setbacks, tragedies, or otherwise, consumers can repair their credit in a surprisingly short period of time.

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Start Early!

The earlier you start applying yourself to making all of your payments on time, keeping balances as low as possible if you obtain any credit cards, and keeping a close eye on how many times credit inquires are pulled about you are all ways in which you can prepare yourself to be a candidate for a great rate from a variety of lenders. Some lenders require that two years pass prior to your bankruptcy, but others are willing to make exceptions if your credit record after the bankruptcy reflects a consorted effort toward good credit. So try to make every payment on time, every month. It’s never too early or too late to begin establishing great credit. As soon as you have perfected the art of paying all of your bills on time, you will be ready to receive offers from many potential borrowers.

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Timing

If you don’t have the time to wait for two years after filing for bankruptcy and you cannot afford to make a down payment, you may want to consider borrowing from another source. There are some assistance programs available that can help with making down payments. You can perform an online search for ‘down payment assistance’ programs. Be very cautions with these services. Make sure that they have been approved with the BBB and that they have some sort of government affiliation. As always, make sure to seek outside advice prior to committing to an interest rate. Many of these companies attempt to take advantage of people who come from lower incomes and bad credit histories by subjecting them to outrageous interest rates when paying back their down payment.

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